The USDJPY just notched fresh intraday—and multi-week—highs, pushing firmly into the yellow swing zone that capped rallies in early May (145.92-146.25). Price is now only a handful of pips from the 61.8 % retracement of the May slide at 146.148, a level that often acts as a “last line” for corrective moves.

Importantly, every pullback over the past few hours found buyers right at yesterday’s highs near 145.76. That “old-high-becomes-new-support” pattern underscores a market leaning bullish and using shallow dips to reload. Unless the pair slips back below that shelf—and the 50 % midpoint of the May range at 145.375—the path of least resistance remains higher, with traders eyeing a full breach of 146.24 that could open the door toward higher levels in the pair.

Single-line key levels
• resistance: 146.148 • 61.8 % retrace
• resistance: 146.25 • swing-zone top
• support: 145.76• prior highs/short-term floor
• support: 145.375 • 50 % May range
• support: 145.15 • 100-hour MA